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I am so proud to have run this from @MehrsaBaradaran. So many good insights. She starts by looking at the old HOLC maps of the spot where George Floyd was murdered, and finding it was redlined for having "majority colored people" and "poor Jews." prospect.org/civil-rights/n…
Then she quotes the Kerner Commission in finding the common thread between Ferguson, Baltimore, Newark and Watts in the 60s: "Segregation and poverty have created in the racial ghetto a destructive environment totally unknown to most white Americans"

prospect.org/civil-rights/n…
She uses contract law to explain the "defaulted promissory note," as King put it, the broken promise of justice to Black people. prospect.org/civil-rights/n…
"Viewed through the lens of contractual breach, reparations are akin to damages... this framing can help us understand why a remedy is necessary for centuries of racial oppression and how one can be designed." Read the whole thing, as they say. prospect.org/civil-rights/n…
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David Dayen
@ddayen
Unsanitized today is about how the Federal Reserve could act right now to boost state & local government budgets to pre-crisis levels, without additional authority, preventing a depression. prospect.org/coronavirus/un…
The Fed hasn't spent any of its money cannon. Capital markets are restarted. So use the loss equity from Treasury to fund state and local governments, or create unlimited swap lines to them. The money and authority is there, just has to be used. prospect.org/coronavirus/un…
If they don't take this step, then all the talk of the Fed as a neutral crisis manager just doing its best under its mandate to support employment was simply a defense of capital class oligarchy.
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David Dayen
@ddayen
I forgot to keep up with the Donna Shalala stock disclosure situation but this is a delicious end to this story.
Here's where we left off: prospect.org/coronavirus/un…
This was based on an analysis of Shalala's reported stock sales, which didn't cover all the stocks she had. Among a few others, I cited TEGNA, Lennar, Teva Pharmaceuticals, and Watsco.
I have to burn the source because he lied to me: Shalala's press person Carlos Condarco called me that morning furious, saying there were innocent explanations for all of these trades, and how could I post that without waiting for a response (I'd contacted them 18 hours earlier)
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David Dayen
@ddayen
The Warren questioning of Mnuchin was the only one in this Senate Banking hearing so far that got to the heart of the matter. There is essentially nothing in the Fed money cannon term sheets that stops a company from taking bailout money and firing workers.
That's the bottom line. Giant companies with ready access to a menu of multi-trillion-dollar programs have no restrictions on using the money to support workers. We're bailing out capital, investors, and executives. That's it.
Any expert, observer or media member that tries to deflect by talking about Fed "liquidity" or "opening up capital markets" is just lying to you, or committing a sin of omission. We bailed out capital. Workers bear all the risk. Period.
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